April 3, 2018 / 4:32 PM / a year ago

Spain wants progress on common European deposit scheme

Spain's Economy Minister Roman Escolano attends a news conference after the cabinet meeting at Moncloa Palace in Madrid, March 27, 2018. REUTERS/Juan Medina

MADRID (Reuters) - The euro zone countries must make progress towards agreeing on a common European deposit scheme as part of its plans to strengthen its banking sector, Spain’s Economy Minister Roman Escolano, said on Tuesday.

“This unique scheme will be crucial to guarantee that all deposits enjoy the same level of protection regardless of the country in which they are deposited (...) it would be very important to set a clear horizon at June’s European Council,” Escolano said during a conference in Madrid.

Euro zone finance ministers failed in March to make a breakthrough on an EU-wide deposit guarantee scheme.[nL8N1QU4JB]

One element still missing from an EU banking union is insurance for deposits in the entire euro zone, which would bolster the confidence of savers and protect deposits of up to 100,000 euros in any euro zone bank.

Germany, the euro zone’s largest economy, wants banks in the bloc to get healthier before a common insurance scheme for depositors is set up.

Reporting By Jesús Aguado; editing by Tomás Cobos

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